Mt. Gox, a defunct bitcoin exchange, is set to return around $9 billion worth of bitcoin to creditors starting in early July after a decade-long bankruptcy process. Mt. Gox collapsed in 2014 after hackers stole hundreds of thousands of Bitcoin, valued at over $58 billion today. The 10,000% increase in the value of bitcoin holdings may induce creditors to cash out, potentially putting downward pressure on bitcoin prices. Most analysts predict that the potential price impact will be temporary, as many are long-term holders and the current market's increased liquidity can handle large sell orders without significant price fluctuations.
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00:00It's Benzinga, and here's what's on the block.
00:02Mt. Gox, a defunct Bitcoin exchange, is set to return around $9 billion worth of Bitcoin
00:07to creditors starting in early July after a decade-long bankruptcy process.
00:12Mt. Gox collapsed in 2014 after hackers stole hundreds of thousands of Bitcoin,
00:17which is valued at over $58 billion today.
00:20The 10,000% increase in the value of Bitcoin holdings may induce creditors to cash out,
00:25potentially putting downward pressure on Bitcoin prices.
00:29Most analysts predict that the potential price impact will be temporary,
00:32as many are long-term holders and the current market's increased liquidity
00:36can handle large sell orders without significant price fluctuations.
00:39For all things money, visit Benzinga.com.